Sinopec Shanghai Petrochemical Company (338) H2 2025 earnings summary

Executive summary

• Revenue declined 13.3% year-over-year to RMB 75.56 billion in 2025, with a net loss attributable to owners of RMB 1.61 billion (IFRS) and RMB 1.43 billion (CAS), reversing a profit in 2024.

• Gross profit turned negative at RMB -1.82 billion in 2025, compared to RMB 161 million in 2024.

• EPS dropped from RMB 0.029 in 2024 to RMB -0.153 in 2025 (IFRS); basic loss per share was RMB(0.136) (CAS).

• No dividend was proposed for 2025 due to the net loss.

• The company advanced safety, environmental, and technological initiatives, including green transformation and digital upgrades.

Financial highlights

• Total assets decreased 4.5% to RMB 39.8 billion, while equity attributable to owners fell 7.6% to RMB 23.1 billion as of Dec 31, 2025.

• Liabilities/Total Assets ratio increased by 1.96 percentage points to 41.67%; gearing ratio rose to 41.7%.

• Net asset value per share declined 7% to RMB 2.193.

• Net cash flow from operating activities fell to RMB 664 million (one source) and RMB 1.99 billion (another source) in 2025.

• Return on net assets (weighted average): -5.95% (CAS), down 7.22 percentage points year-over-year.

Segment performance

• Refined oil products accounted for 62.6% of net sales in 2025, down from 66.5% in 2024; chemical products rose to 26.5%.

• Petroleum products net sales fell 18.9% year-over-year; segment operating loss of RMB 351 million.

• Chemical products net sales decreased 2.4% year-over-year; segment operating loss widened to RMB 1,716 million.

• Refined oil product output and sales volumes dropped sharply, with gasoline, diesel, and jet fuel output down 9.6%, 13.5%, and 3.9% respectively year-over-year.

• Major petrochemical output showed mixed trends: ethylene output rose 10.6%, PX fell 21.6%, and polyolefins dropped 18.9%.